New Plate Day Boosts Dealers Despite Used Car Price Impact

author: FutureCar Staff    

Experts are predicting that the introduction of the new '73' plate will give a much-needed boost to the new car market, but they are also warning of the potential negative impact on used vehicle prices. Today, September 1, marks the rollout of the new plate, six months after the introduction of the '23' registration back in March.

This switchover is traditionally a significant event for car dealers, with showrooms across the country making a big deal about the change. Many dealers held midnight handovers last night and are hosting special events throughout the day to celebrate the occasion.

According to specialists, the arrival of the new plates is good news for both the motor trade and consumers looking for a bargain. Matas Buzelis from carVertical states, "The arrival of new number plates in September often gives the car market a boost, and there is no reason to think this year will be any different. Drivers who enjoy the prestige of driving a brand new car will be heading to the forecourts to be among the first to hit the roads with the new '73' plates."

The arrival of new plates in March and September can also benefit drivers who are in the market for a used car. Dealers are often more inclined to offer discounts on older cars that they want to sell quickly to make room for newer models. Drivers looking to negotiate a better price should inquire about how long a vehicle has been up for sale, as dealers may be more willing to offer a discount if the car has been on the lot for an extended period. Additionally, the end of September is a good time to find bargains as dealers are working towards quarterly sales targets.

However, drivers should always conduct a thorough history check on a used car to ensure they are not buying a vehicle that will end up costing them more than it is worth. History checks provide information on the car's MOT and service history, any accidents or damage, outstanding finance, and can even reveal odometer fraud.

While the arrival of the new registration is positive for dealers, experts suggest that now may not be the best time to sell a used car. Due to the influx of new vehicles, the value of used cars is likely to decrease, although they are still at record levels following years of growth. Tim Rodie from Motorpoint explains, "It's well documented that new car prices are heavily impacted by the plate change, but motorists may not be aware that the price of their current vehicle can also be affected. With newer models entering the used car market and many drivers looking to sell, the value of your car could decline considerably. If anyone is considering selling their car, I would strongly recommend doing so before September 1."

FutureCar Staff